Sydney, Australia (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) (OTCMKTS:BCGYF) advises that it has adjusted the price of the Rights Issue announced on 2 January 2014 to $0.013 per new share from $0.0125 per new share.

This action was taken in order to meet technical requirements of the ASX Listing Rules. The adjusted Rights Issue price will result in up to approximately $62.6 million being raised from the Rights Issue. All other provisions in respect of the Rights Issue, including the 2:1 ratio, will remain the same.

Further details regarding the Offer will be announced in due course. It is expected documentation will be sent to shareholders in early February 2014.



About Buccaneer Energy Limited:

Buccaneer Energy Limited (ASX:BCC) is an Australian listed company focused on onshore and shallow waters of the Cook Inlet of Alaska and the Gulf of Mexico, as well as onshore Gulf Coast assets that have been left behind or overlooked by other players.

The Company has a large existing portfolio and disciplined acquisition strategy focused on opportunities with:

- Assets with attractive economics;
- Assets that have existing infrastructure in place that can be accessed;
- Assets near a commercial market that has been de-risked; and
- Assets that have multiple stacked pay targets.

Buccaneer's management team has a proven track record of finding and exploiting oil and gas reserves and generating new opportunity deal flow.



Source:

Buccaneer Energy Limited



Contact:

Buccaneer Energy Limited
T: +61-2-9233-2520
F: +61-2-9233-2530
WWW: www.buccenergy.com